LEXINGTON, Mass., May 14 /PRNewswire/ -- Raytheon Company
(NYSE: RTNA, RTNB) announced today that it completed the reclassification of
its Class A and Class B common stock into a single class of new common stock.
Trading in the new common stock is expected to begin on May 15, 2001 on the
New York Stock Exchange, the Chicago Stock Exchange and the Pacific Exchange
under the symbol RTN.
Raytheon shareholders approved both the reclassification and a reverse-
forward stock split at the company's annual meeting on April 25, 2001.
Stockholders with share certificates representing Class A or Class B
common stock will need to complete and return a letter of transmittal along
with their share certificates, in order to receive their new common stock
certificates. Registered stockholders holding their shares in book entry form
do not need to take any action in connection with the reclassification.
Raytheon also completed a reverse stock split followed immediately by a
forward stock split of its common stock. As a result of this transaction,
Raytheon cashed-out stockholders who held fewer than 20 shares as of the close
of business on May 14, 2001. These stockholders will receive cash for any
fractional shares they held in such accounts after the reverse split.
The company has arranged for the sale of the shares formerly held by these
shareholders through an independent agent in open market transactions and will
distribute the proceeds to cashed-out shareholders. The transaction will have
no effect on stockholders holding 20 or more shares in their accounts prior to
the close of business on May 14, 2001. Raytheon expects significantly reduced
shareholder record-keeping and mailing expenses as a result of this
transaction.
Registered stockholders holding their cashed-out shares in book entry form
do not need to take any action to receive their checks from the company.
Stockholders with share certificates representing their cashed-out stock will
need to complete and return a letter of transmittal along with their share
certificates to receive their checks. The company will begin mailing checks
to such stockholders after the completion of the sale of the shares.
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Forward-looking statements:
Certain statements made in this release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding the company's future plans, objectives, and expected
performance. Specifically, statements that are not historical facts,
including statements accompanied by words such as "believe," "expect,"
"estimate," "intend," or "plan" are intended to identify forward-looking
statements and convey the uncertainty of future events or outcomes. The
company cautions readers that any such forward-looking statements are based on
assumptions that the company believes are reasonable, but are subject to a
wide range of risks, and actual results may differ materially. Important
factors that could cause actual results to differ include, but are not limited
to: risks associated with implementing the reclassification and the
reverse/forward stock split.
Contact:
Amy Hosmer
781.860.2423
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Amy Hosmer of Raytheon Company, 781-860-2423
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